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Smiths well poised for renewed opportunities

Following restructuring measures, the group is in better trim to take advantage of a bounce-back in its end-markets
Smiths well poised for renewed opportunities
  • Smiths says goodbye to its medical unit - at last
  • A marked improvement in operating margins in H2

In early September, Smiths Group (SMIN) achieved something of a milestone when it offloaded its medical unit to ICU Medical Inc. in a cash/scrip deal worth $2.7bn (£1.97bn) on an enterprise basis, plus earn-out provisions. The attempt to hive-off Smiths Medical was a drawn-out process, with cancellations and delays a source of frustration for management and shareholders alike. However, the group is now free to focus attention on its core industrial technology business, while shareholders will benefit from a related buyback.

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